CANADA STOCKS-TSX down after weak Japan data, miners weigh

Mon Aug 13, 2012 2:44pm EDT
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* TSX down 76.37 points, or 0.64 percent, at 11,814.43
    * Banks weigh after weak Japan data
    * Energy and mining stocks fall

    By Alastair Sharp
    TORONTO, Aug 13 (Reuters) - Canada's main equity index fell
on Monday after weak Japanese data added to evidence of a
slowing global economy, wi th mining and energy stocks leading
the decline.
    Japan's growth was half the expected rate, adding to
pessimism from last week's string of weaker Chinese data.
    Canada's market followed European and U.S. exchanges lower
as concern over slowing growth offset hopes that major central
banks will move to stimulate growth.
    "People keep looking for signs we're into a recovery mode
and it's somewhat sustainable, however...I don't think there's
any consistency to what is going on in our economy and therefore
in our market," sai d Fred Ketchen, director of equity trading at
    Miners and energy companies lead the index lower, despite a
bump in oil and gold prices.
    Canada's resource-focused companies -- which make up a major
chunk of the overall index -- have been slow to recover from
dips in the price of commodities this year. 
    "(Gold miners) have been lagging for a long time. They're
quite a bit behind the commodity, said John Kinsey, a portfolio
manager at Caldwell Securities. "A nd the same with the energy
stocks, they're behind the oil price."
    A 1.4 percent fall in Canadian Natural Resources Ltd
 to C$30.53 was the single biggest drag on the index,
while fertilizer maker Potash Corp also weighed, down
1.6 percent to C$42.48.
    Banks also contributed to the decline, with Royal Bank of
Canada falling 0.9 percent to C$50.67 and Toronto
Dominion Bank shedding 0.5 percent to C$78.90.
    In fact, only one of the exchange's ten main sectors --
utilities -- was in positive territory as of 1410 EDT/1810 GMT. 
    At that time, the Toronto Stock Exchange's S&P/TSX composite
index was down 76.37 points, or 0.64 percent, at
    Meanwhile, insurers Manulife Financial Corp and
Sunlife Finacial Inc provided support, gaining 2.3
percent and 1.4 percent respectively.
    Pacific Rubiales Energy Corp gained 1.7 percent to
C$23.98 after it said it was making an additional investment in
a port project in Colombia. 
    Japan's economy expanded just 0.3 percent in April-June,
half the pace expected, raising doubts about the strength of the
recovery as a rebound in consumer spending lost momentum and
Europe's debt crisis weighed on worldwide demand.